SECTION 85:20-3-2. Trust fund and trustee 1

  If the Cemetery Merchandise Permittee chooses to place the required funds in trust rather than using a surety bond, the Permittee must keep the Department informed about the identity of the Trustee at all times. The application for Annual Permit shall include information regarding the Trustee to be used by the applicant. Prior to changing Trustees, Permittee must notify the State Banking Board, stating the reason for the proposed change, and the State Banking Board shall have thirty (30) days in which to object to the proposed change; provided, however, that the Board shall not object unless the change would jeopardize the fund.

Note

EDITOR’S NOTE: See Editor's Note at beginning of this Chapter.